Financial Planning in Singapore, Oxymoron

[Sayn]

I feel that the state of financial planning in singapore is almost non existent for the average singaporean.

We have insurance agents peddling policies that they barely understand, we have financial planners who always say, invest for the long run.. Look at what happened to the share price of GM and Ford... Goes down to Zero.

I am average, i do not earn a lot, the single greatest source of savings is my CPF, though i am trying to build up cash eqv to what i have.

It is difficult, nominally, 33% of my monthly gross from myself and employer is already put inside it.

If i saved another 33%, like the chinese phrase goes, eat grass monthly.

Yet as a rational person, i have no choice but to save as much as i can.

The problem with CPF, is that the goal posts keep on changing.

Now as a 37ish male, i have to deal with the fact, of hitting 55, and my CPF savings get converted into a lousy (my view) crapfilled (my view) farce (my opinion) hybrid between an annuity and deferred payment scheme.

And i have to wait till 62 to access the monthly payment stream. Assuming the goalposts are not modified at all.

As a rational person, it means, that financial planning in Singapore's context is not possible. The goalposts change too often, for me to have any confidence in two things.
a. When can I access my savings.
b. The stability of the Singapore Dollar.

Well, like i said, i am an average citizen, so no solutions found as yet...

sayn

 

[halsey02]

Financial planning in the 21st Century in Singapore is, you keep your money with you at home ( the banks don't want your money), try not to donate too much to CPF, you will never know if you will ever get to use your money, forget about the stocks & shares, forget about buying too much insurance, you will never know, you your insurer will be around in 5 years time...in short..

Do not be so hasty in giving out your hard-earned, blood, sweat & tears income...

 

[eErotica69]

Financial Planning is important!! Unfortunately there are too much product peddlers disguise as Financial Planners. This includes insurances and investment people.

Like how much insurance people will advise their clients with low budget to buy term policies?

:p

 

[kchunjeng]

Save cash as equal to your CPF. or even more.
Keep it with you, thus no need to declare in tax.
Loan it to loan shark, and get more return.
Lot's of high profiles are doing that.

Never depends on CPF.

You Greed, You finished.
You thrift, You survive.
You low profile, You live longer.

Never spend more than 25% of the total cost of HDB on renovation.
end of day, this does not belongs to you.

Do not buy car in Singapore, it's does not belongs to you. you rent it for 10 years.
It's a liability !! not asset !

Read the book of RICH DAD, POOR DAD !by Robert Kiyosaki for at least 10 times.
And you will understand WHY !

 

[numero uno]

Financial planning in the 21st Century in Singapore is, you keep your money with you at home ( the banks don't want your money), try not to donate too much to CPF, you will never know if you will ever get to use your money, forget about the stocks & shares, forget about buying too much insurance, you will never know, you your insurer will be around in 5 years time...in short..

Do not be so hasty in giving out your hard-earned, blood, sweat & tears income...

right on. all this financial planning and wealth management/managers/advisers is NOTHING BUT a BIG FAT CON JOB. look at all the mess they create. they tell you all sort of crap and quietly suck away the commissions and sooner the bubble burst, they run off and ask other people to bail them out. even local sovereign funds got con by all these westerners bullsh!tters. look at AIG, real b@stards. use govt money to give themselves bonus and now want to sue US govt still(their rescuers). Stupid US govt, should have just let AIG fail. now a huge mess and greater tsunami coming. now recession might last 5 years at least!!!!